National Bank of Canada extends $60 million credit facility to fuel FLO's growth in EV charging

30/09/2023 News

FLO, a leading player in the North American electric vehicle (EV) charging industry and a provider of smart charging solutions, has announced a significant milestone in its journey to revolutionize EV charging infrastructure. The company recently secured a C$60 million revolving credit facility from the National Bank of Canada through its Technology and Innovation Banking Group. This substantial increase from the $20 million facility secured in 2021 marks a pivotal moment for FLO, enabling it to fuel the rapid expansion of its EV charging network across North America, with a strong focus on Canada and the United States.

Louis Tremblay, FLO's President and CEO, expressed his enthusiasm for this development, stating, "This arrangement is another testament to FLO's successful business strategy and recognition of our growth as we continue to ride the wave of incredible momentum in our industry. Our renewed and long-standing partnership with the National Bank of Canada positions FLO to continue pursuing its ambitious strategy, supporting sustainable development, and solidifying its role in ushering in a zero-emissions transportation future."

In the past two years, FLO has experienced meteoric growth, reflecting its commitment to providing reliable and accessible EV charging solutions. During this period, the company has more than doubled its workforce and made significant inroads into the U.S. market.

Tuyen Vo, Head of Technology and Innovation Banking, emphasized the National Bank's dedication to facilitating a seamless and inclusive transition to a low-carbon economy, saying, "For over twenty-five years, our Group has partnered with Canadian success stories, and FLO is undoubtedly among them. National Bank is committed to supporting the transition to a low-carbon economy, and we are delighted to be a part of FLO's ambitious business plan. This additional credit facility is a testament to the hard work and dedication of the FLO team in expanding reliable EV charging infrastructure throughout North America."

FLO's mission is not just about meeting the needs of today's EV drivers but also about creating a sustainable and environmentally responsible transportation future. With this substantial credit facility in hand, FLO is poised to continue its growth trajectory, making it easier for more people to embrace electric vehicles and contribute to a greener planet. The partnership between FLO and the National Bank of Canada underscores the importance of innovation and collaboration in the quest for a zero-emissions transportation landscape.

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